Tom Wan: Ethereum stablecoin market share drops to 46%, a record low.

Crypto analyst Tom Wan stated that Ethereum's stablecoin market share has fallen to 46%, a record low. Over the past year, the on-chain supply of stablecoins on Ethereum has decreased by $32.5 billion, while the total supply of stablecoins across the entire market has only decreased by approximately $10 billion. During the same period, Tron's stablecoin supply increased by $16.2 billion, raising its market share to 32%; Hyperliquid and Solana each increased by $1.6 billion. In addition, newly launched blockchains this year, such as Arc, X Layer, Robinhood Chain, Tempo, and Monad, collectively added approximately $5.2 billion to the stablecoin supply.